Financial management services oversee all aspects of a senior’s finances. This is especially important for seniors with forms of dementia and mobility issues. A senior’s assets and expenses are first analyzed to determine the services that will best support the senior living comfortably.
Services
Tactical items related to managing finances first start with an agreed upon process to:
- create a budget and track spending
- track important occasions and events
- sort mail to ensure that important mail and bills won’t be mistaken for junk mail
- create expense reports
- make bank deposits, review and organize bank statements, track balances
- review and pay bills monthly, monitor unusual activities, call out red flags
- prepare taxes
Specialization
CPAs are not required for financial management. Based on the need of your loved one.
- Caregiver services or retirement living facilities will assist in financial management and provide a regular accounting to the senior, or a representative with power of attorney.
- To hire a financial management company for a senior loved one, you must provide a valid, active Power of Attorney, or have the formal approval of the senior.
Preparation
- Do you have power of attorney?
- Do you have access to financial documents?
- How many bills need to be paid?
- What regular banking needs to be conducted?
- What are the projected cash needs over the next several years?
- Does your elder loved one have any ailments that will likely require more expensive care in the future?
- What are your senior’s current financial assets?
- Evaluation
- Do you have CPAs on staff for financial management?
- If not, what are your accountants’ qualifications?
- What types of services do you provide?
- How will you handle disputes between the senior and the caregiver?
- What steps do you take to ensure that seniors’ privacy is not compromised?
- What are your rates and fees?
- How long have you been in business?
- Please provide references.
Financial & Fiduciary Management Articles
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Financial & Fiduciary Management Radio Show Segments
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Jill Martinez, director of community relations for CarePartners Living, discusses financial planning.
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- New Year: Review Your Legal Documents
Stephanie Haslam is an elder law and estate planning attorney with Compassionate Legal Care. January is a time for new starts, and it’s a good time to review your estate planning documents to make sure they’re all in order. If you don’t have them, then to learn about the types of documents that could become important, such as power of attorney, to have someone who can help you make decisions if you’re not able to do that by yourself. If you’ve made a will or trust, is it up to date? Are your assets properly titled in the trust? Are your healthcare directives up to date, based on the current condition of your health? It’s time to take stock of these items.
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Jason Totedo, a financial advisor with AGP Wealth Advisors, talks about investment strategies.
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Jason Totedo, a financial advisor with AGP Wealth Advisors, talks about investment strategies.
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Jason Totedo is a financial advisor with AGP Wealth Advisors talks about multi-generational financial planning.
